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Market Ahead, June 15: Top factors that could guide markets this week

SGX Nifty is also down around 40 points, indicating a flat to lower opening for the Indian indices

Market Ahead | Markets | SGX Nifty

BS Web Team  |  New Delhi 

After declining over 1 per cent last week, the Indian equity this week will be guided by global cues, domestic trend of cases and quarterly earnings. Besides, stock-specific action, partly due to the ongoing corporate results announcements, and the announcement of WPI inflation data for May scheduled for today will also be on investors' radar.

On the results front, over 200 companies, including Tata Motors, HPCL, Pidilite Industries, and, are scheduled to report their earnings this week.

Investors will also monitor other factors like the trend in rupee and crude oil prices, analysts said.

India's tally of cases has spiked to 3.33 lakh and the death toll has crossed the 9,500 mark, according to Worldometer. On Tuesday and Wednesday, Prime Minister is slated to hold virtual meet with chief ministers and Union Territory representatives against the backdrop of the rising number of Covid-19 cases.

Moreover, China recorded its highest spike in daily cases in two months, sparking fears of a second wave of infections in the country.

That sent investors in Asia scurrying for safe-havens, leading to a weak start for the Asian today. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.25 per cent with Australian shares off 0.4 per cent and South Korea slipping 0.6 per cent. Japan’s Nikkei fell 0.75 per cent. In line with these trends, the is also down around 40 points and is indicating a flat to lower opening for the Indian indices.

In commodities, slipped with Brent down 2 per cent at $37.95 a barrel.

The partly-paid shares of will make their stock market debut in today's session. These shares were issued in rights issue programme, which concluded on June 3 and garnered 1.6 times subscription. Besides, RIL will be in focus after the announcement of some more foreign investment in Reliance The conglomerate announced on Saturday that private equity firm L Catterton was making an investment of Rs 1,894.50 crore for 0.39 per cent stake in Platforms while global alternative asset firm TPG would invest Rs 4,546.8 crore for 0.93 per cent equity stake in Platforms.

Besides, investors will also keep track of any newsflow on the Trump administration's action on the H1-B visa which will affect IT stocks. They will also keenly follow the next Supreme Court hearing on AGR scheduled for June 18 after the apex court asked the telecom companies to submit a plan of action and securities in the last hearing. Moreover, the hearing of the plea for the waiver of interest during moratorium is also scheduled to be taken up by the SC on June 17.

Read by Kanishka Gupta

First Published: Mon, June 15 2020. 07:00 IST